Capacity building initiatives may encompass areas such as marketing, financial management, and digital literacy. By addressing these essential needs, support programs for small and medium-sized enterprises (SMEs) provide businesses with the necessary tools and knowledge to expand, compete effectively, and enhance the overall economy.
Micro, small, and medium-sized enterprises (MSMEs) are essential catalysts for economic growth, especially in developing nations, where they significantly contribute to job creation and global economic progress. These enterprises constitute the majority of businesses worldwide and play a crucial role in generating employment opportunities. In fact, MSMEs represent around 90% of all businesses globally and account for more than 50% of worldwide employment, underscoring their importance in fostering robust economies.
In response to the difficulties encountered by Micro, Small, and Medium Enterprises (MSMEs) in Nigeria, business development strategist Desola Jimmy-Eboma has established a Small Scale Enterprises (SSE) Lab in Lagos. This initiative aims to tackle these challenges head-on.
The platform is intended to empower MSMEs by providing mentorship, essential tools, and resources that will enable them to develop sustainable and scalable businesses.
During the official launch event titled ‘From Vision to Venture: Unleashing Entrepreneurial Potential,’ Jimmy-Eboma underscored the laboratory's primary objective of augmenting the competencies of local industries.
She emphasized that MSMEs are essential to the Nigerian economy, providing employment for a significant portion of the workforce and having the potential to evolve into major corporations. Consequently, she highlighted the necessity of supporting MSMEs in leveraging economies of scale in areas such as technology, human resources, market access, and financing.
Furthermore, she noted that MSMEs are crucial for Nigeria's economic health, pointing out that many large manufacturing firms began as small enterprises, with innovation being a key factor in their rapid growth.
“From our first year, we recorded tremendous success, strategically distributing our products across Nigeria and reaching international markets. This journey, though filled with challenges, was made possible by a belief in the power of possibility—my own, and by extension, our family’s collective possibility.”
While Her business, FreshOla Organics flourished, she emphasized that this achievement is a result of her efforts. She stated, “My professional background in mass communication and business, along with extensive experience across industries such as marketing, banking, and tech startups, laid the foundation for our rapid success.
“Venturing into this business firsthand exposed me to the myriad challenges faced by small-scale manufacturers in Nigeria—from mastering branding and packaging to navigating complex distribution channels. This realisation ignited a deep passion within me to share my knowledge and experiences with other passionate individuals seeking to turn their innovative ideas into viable products.”
Jimmy-Eboma emphasized the importance of harnessing the productivity potential of MSMEs for Nigeria's competitiveness in a rapidly evolving global landscape. To address this need, she founded MBA Showers, an initiative designed to help aspiring entrepreneurs transform their ideas into market-ready products within a 12-week timeframe. She remarked, “We assist them in discovering and validating their business concepts, developing their brands, and navigating the complexities of product launch.”
Additionally, she highlighted the establishment of SSE Lab, which offers online resources for budding entrepreneurs. She stated that with adequate support, start-ups and early-stage businesses can cultivate innovative ideas that yield significant financial and economic benefits.
As small-scale manufacturing gains traction nationwide, the SSE Lab founder noted that the platform will function as an online resource and connection point, enabling innovators to engage with experts and mentors who can guide them through their challenges.
She stressed that for small enterprises to enhance productivity, it is essential to improve critical competencies such as technology, human resources, market access, and financial management. She pointed out that MBA Showers is dedicated to equipping new entrepreneurs with the skills necessary to close productivity gaps in sectors vital for sustaining competitiveness.
In Jimmy-Eboma’s perspective, the economy needs a swift strategy to identify and nurture the growth of MSMEs in key sectors. She argued that this strategy would allow MSMEs to target niche markets, produce high-quality domestic products, and reinforce the national industrial supply chain.
Furthermore, she indicated that the accelerator is ready to collaborate with the government to increase the number of small-scale manufacturers by promoting an innovative mindset through top-tier acceleration and ecosystem support.
Jimmy-Eboma highlighted that Lagos State's industrial policy is catalyzing a major transformation centered on the significance of small and medium-sized enterprises (SMEs). He emphasized that SMEs are emerging as a crucial element in the state's initiatives for self-reliance and the strengthening of its industrial supply chain.
The Lagos State Government is evidently at the forefront of harnessing the vast potential of micro, small, and medium enterprises (MSMEs) to accelerate its economic growth and development, aiming to align with global standards.
She emphasized the government's dedication to addressing poverty, unemployment, and despair among young Nigerians, whose entrepreneurial potential remains untapped due to insufficient funding and support.
“We have numerous stories of ambitious entrepreneurs to whom Lagos provided the fertile environment to turn their dreams into huge success,” she said.
Adeeyo remarked, “As we convene today, we are not merely launching a program; we are initiating a multitude of entrepreneurial journeys. Our purpose here is to support and uplift the men and women who have embraced innovation, undergone extensive training and incubation, and are now prepared to present their market-ready products.”
The SSA emphasized that these individuals are essential to the economic vitality of Lagos, stating, “Their achievements resonate with all of us.” She noted that small-scale manufacturing has historically been a driving force for productivity growth, largely propelled by small business owners.
Additionally, she stressed that the Lagos State Government is committed to enacting policy reforms that will bolster the competitiveness of small-scale manufacturing businesses, aid in the conversion of ideas into new products, and expand job opportunities for the workforce.
Adeeyo underscored Lagos’s dedication to cultivating private sector-driven innovation hubs designed to unleash entrepreneurial potential, providing training for SMEs to adapt to contemporary production methods, foster quality job creation, and encourage innovation.
She stated, “The introduction of the Small-Scale Enterprises Lab (SSE Lab) and MBA Business Showers represents a progressive initiative aimed at empowering the MSMEs that form the foundation of our state’s economy.”
She added that the SSE Lab’s mission is closely aligned with the state’s goals to promote a culture of entrepreneurship by equipping MSMEs with the necessary resources, mentorship, and networks to thrive in an increasingly competitive landscape.
Adeeyo emphasized, "Our mission is to support and inspire the individuals who have taken the bold step to innovate, who have engaged in extensive training and incubation, and who are now prepared to present their market-ready products."
The SSA highlighted that initiatives such as the SSE Lab are establishing avenues for collaboration and development, laying the groundwork for sustainable enterprises that will propel the state's economy.
Historically, Lagos's industrial policy focused on large-scale initiatives and the development of national champions. However, the state is now transforming into an "Accelerator State," promoting both small businesses and larger corporations.
She emphasized the ministry's commitment to supporting small and medium-sized enterprises (SMEs) as well as women-led businesses, noting that this focus aligns with the government's overarching development strategy.
During his presentation titled “Empowering MSMEs for Sustainable Growth and Global Impact,” Olurotimi emphasized the crucial contribution of MSMEs to Nigeria's economic progress, particularly in terms of job creation.
Referencing World Bank statistics, he noted that MSMEs represent 90 percent of businesses globally and account for over 50 percent of worldwide employment. In developing nations, formal MSMEs contribute up to 40 percent of national income (GDP) and are responsible for generating seven out of ten jobs.
He further pointed out that in Europe, MSMEs make up 99 percent of all businesses, employing approximately 85 million people and contributing more than 56 percent of the private sector's GDP. In the United States, MSMEs constitute 99.9 percent of all businesses, employing nearly 47 percent of the workforce and contributing to 44 percent of the U.S. GDP.
In Africa, MSMEs are responsible for about 80 percent of jobs across the continent, playing a vital role in poverty reduction and enhancing economic resilience. Olurotimi highlighted that despite their significant potential to create jobs and stimulate economic growth, MSMEs encounter numerous challenges that hinder their development.
He called for increased government support for innovative MSMEs to cultivate new productive forces and assist businesses in expanding their markets and unleashing their potential.
According to him, these enterprises will be instrumental in driving industrialization and fostering new productive capabilities.
Olurotimi also urged collaboration between the government and the private sector to establish mechanisms that promote SME development and enhance the growth of these enterprises.
He highlighted the importance of implementing further initiatives to support the digital transformation and financing of small and medium-sized enterprises in the manufacturing sector, especially those that focus on niche markets and employ advanced technologies.